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EDUCATED CONSUMERS

Picture the typical college student. If you conjure up someone
in his or her late teens, living in a dorm and calling home for
money at every opportunity, you may be in for a surprise. Truth is,
39 percent of all college students are age 25 or older, 75 percent
live off campus and 80 percent have paying jobs, according to a
recent survey. Just 20 percent say they get money from their
parents on a regular basis. Considering that college students wield
$200 billion in buying power each year, it may be time to set aside
any preconceived notions about these coeds and start thinking of
them as serious consumers.

The latest findings from online market research firm Harris
Interactive's â€œ360 College Explorer Outlook Studyâ€? were
released late July and offer a glimpse into the daily activities
and spending habits of college students, focusing on 18- to
30-year-olds. The survey is fielded online twice a year, in the
fall and spring semesters, with a nationally representative sample
of Harris Interactive panel respondents. The results are weighted
to reflect the entire U.S. college student population. The
statistics discussed in this article come from the spring 2002
wave, conducted last April 3 to 15 among 2,930 American college
students as well as an additional 703 young people ages 18 to 24
who are not in college. The study compares responses by the
students' status: full-time or part-time, commuter or resident,
public school or private, and by whether they are working toward a
2-year degree, a 4-year degree or a graduate degree. In addition,
the survey compares students by basic demographics and by their
year in school.

Demographically, men have the advantage on college campuses:
Overall, there are 6.6 million male students, compared with 8.7
million female students. Among 18- to 30-year-old students, 6.9
million are working toward a 4-year degree and 3.8 million toward a
2-year degree; 8 million are full-time students and 3.3 million are
part-timers.

This may be a shock to some parents, but the average college
student spends a very small percentage of his or her time in class
or hitting the books, according to the Harris study. Students spend
1.7 hours in class per day, on average, and another 1.6 hours
studying. The rest of the day â€” when they're not working (2.6
hours) or sleeping (6.8 hours) â€” is up for grabs.
Essentially, that leaves 11.3 hours for students to party (or do
whatever else college students do).

So what do they do? More than anything, they surf the Net. Fully
99 percent of college students go online at least a few times per
week; 90 percent do so daily. Fifty-two percent have a broadband
connection. But this infatuation with the Internet seems to have
more to do with age than education status: 99 percent of students
not in college also say they spend that much time online. College
students, however, do spend less time with traditional media than
do students not in college. For instance, while 91 percent of
non-college students say they watch TV at least a few times per
week, 86 percent of college students say the same. Similarly, a
smaller share of college students than non-college students listens
to the radio (80 percent versus 88 percent), reads a newspaper (44
percent versus 45 percent) or reads a magazine (36 percent versus
49 percent). Word-of-mouth, therefore, may be the best channel for
reaching the college crowd: 60 percent of all college students
â€” and 65 percent of full-timers â€” say they hang out
with friends at least a few times a week, compared with 48 percent
of non-college students.

And they certainly find time to shop. Although the Harris
Interactive survey doesn't specifically ask how much time college
students spend at the mall, researchers do offer a glimpse into
their wallets. The average college student has about $287 to spend
on discretionary items per month, or about $3,444 per year.
Overall, students spend more than $11 billion a year on snacks and
beverages, $4 billion on personal care products and $3 billion on
CDs and tapes.

But while total spending â€” including non-discretionary
spending (i.e., tuition, rent, books) â€” is highest among
full-time students and 4-year degree candidates, discretionary
spending is highest among part-timers ($4,872) and 2-year degree
candidates ($3,960), because they are more likely to be working
during the school year. Also, the older the student, the more money
he or she has. Students ages 18 to 19 have about $182 per month in
discretionary funds, compared with $471 per month for the 25- to
30-year-old student group.